Despite the ongoing bear market of 2018 crypto startups are still entering the market with new and innovative products. Australians are about to get their first taste of crypto lending services as a new company launched into the markets this week.
Crypto Collateral Without Liquidation
Helio Lending is the first independent crypto lending company to launch on Australian shores according to reports. Founder and Managing Director, John O’Shea, said he was excited to be entering such an untapped market with a huge growth potential;
“Currently there are only two or three providers globally, and we are excited to offer such an exciting service acting as a direct lender, with a quick seamless process and exceptional customer service.”
The company claims to be in the position to offer 50% more spending power to clients than they would have by holding on to their crypto assets. O’Shea added “These assets may be held overseas or Australia, and we allow the funds to come back to AUS, USD, EUR and HKD to be used by our clients. We anticipate our clients will reinvest, buy goods and services and even start their own business through unlocking these assets.”
The principle of crypto lending allows holders of cryptocurrencies to access fiat funds without selling any of their digital assets. By using the blockchain to record transaction and settlement data removes counter party risk and provides immutability for clients that wish to use cryptocurrencies as collateral without liquidating them.
Helio will be working with approved digital currencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP. Crypto wallet management and liquidity clearing will be provided by ETHlend which has become the Asia Pacific partner for the venture.
“We are excited by the opportunity to partner with Helio Lending and already have enquires streaming in from the regional Helio opportunity, it will be great to now have a local presence to service our clients,” added Stani Kulechov, chief executive and founder of ETHlend
Australia is still very open to crypto and reports indicate that cryptocurrency holdings within the country have tripled during 2018. The survey also revealed that 80% of respondents said they would be open to using crypto for daily purchases on the condition that it was as easy to use as AUD.
The good news for Helio is that crypto is gathering pace in Australia quicker than elsewhere. RealRenta is a good example with their cryptocurrency token, House Coin, due for launch in 2019. It aims to give everyday Australians a better and more affordable way to invest in property by tokenizing it.
Author: Temitayo Olojede , firstname.lastname@example.org